GBPJPY Bearish Divergence Hints for A Possible Bearish Move

2 min read
Davinwu

Davinwu

Author

Dear Traders,
The Dragon has formed a bearish divergence at resistance. Bearish divergence happens when price makes a higher high while the oscillator makes a lower high.

We might see a rejection from the POC zone 146.88-98 [1/8 // W H5 // D H3]. Targets are 146.29 and 146.00 with a possible continuation move on the 4h close below 146.00. Have in mind that price needs to stay below 147.45 for the divergence to remain stable.

A move below 146.00 would signal additional bearish momentum and a possibility for an extended target of 145.50 [1/8 // D L5] and 145.10 [W H3 // -1/8], previous swing low.

The analysis has been done with the CAMMACD.MTF template.

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Many green pips,
Davin Wu aka AmbitionFX
Elite CurrenSea

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